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Gaming revenue in Michigan casino establishments saw a steady rise in March, leading to a fruitful month for casino operators.
In March, the three casinos in Detroit, namely MGM Grand Detroit, Greektown Casino, and MotorCity Casino, collectively generated $140.3 million in revenue, reflecting a 1.3% growth compared to the previous year.
Breakdown of the Michigan casino March revenue numbers
The Michigan Gaming Control Board (MGCB) reported a 1.9% increase in combined aggregated revenue for the first quarter compared to the previous year, reaching a total of $367 million.
The complete release is available for reading here.
MGM experienced a 1.9% rise in revenue, reaching a record-breaking monthly high of $59.2 million.
Greektown experienced a modest 2.6% increase, recording a revenue of $32 million. Conversely, MotorCity reported a decrease of 0.3%, with a revenue of $49.1 million for the month.
In summary, March generated a revenue that was 22.5% greater compared to February.
MGM emerged as the frontrunner in first-quarter revenue figures, experiencing a noteworthy 3.9% surge, resulting in a substantial $157.6 million.
Greektown’s revenue increased by 1.5% to reach $84.2 million, while MotorCity’s revenue experienced a slight decline of 0.3% to reach $125.2 million, compared to the previous year.
Casino market share and taxes
In addition, the MGCB has unveiled market share data that reveals the following:
- MGM accounts for 42% of the total.
- The percentage of MotorCity is 35%.
- The percentage of Greektown is 23%.
In March 2018, the three Detroit casinos contributed $11.2 million in gaming taxes to the state. However, due to a consistent growth in revenue, they were able to increase this amount to $11.4 million.
During the quarter, the state’s gaming taxes amounted to $29.7 million, surpassing last year’s $29.2 million. In March, the three casinos collectively contributed $16.7 million to the city of Detroit through wagering taxes and development agreement payments.
Sports betting and online casino coming?
Sports betting and online gambling could soon become available in Michigan.
For what feels like an eternity, Rep. Brandt Iden has been diligently advocating for his prized legislation, HB 4311.
Under the revised bill, a 9.25% tax would be implemented on all games, encompassing slots, along with the introduction of a $300,000 licensing fee for sports betting.
In March, Iden informed Legal Sports Report that he remains committed to collaborating with stakeholders in order to achieve success in the realm of sports betting.
Due to term limits, Iden’s tenure as a Michigan representative will conclude in 2020, potentially marking the end of his sponsorship for iGaming and sports betting.
Floating around the state capital is S 186, an independent sports betting bill, with sponsorship by Sen. Curtis Hertel.
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